WEALTH February 7, 2025 0 Comments

White House calls mixed jobs numbers ‘weak,’ blames Biden – CNBC

President Donald Trump’s press secretary, Karoline Leavitt, is interviewed by Fox News on the first full day of Trump’s second term, at the White House, in Washington, D.C., Jan. 21, 2025.

Chip Somodevilla | Getty Images

The White House on Friday sought to blame former President Joe Biden for lower-than-expected U.S. job gains in January, using the new numbers to argue that President Donald Trump has inherited an ailing economy and temper expectations about inflation.

The Labor Department’s latest monthly nonfarm payrolls report, which uses the week that includes the 12th of the month for its survey period, showed a mixed picture.

While the 143,000 rise in payrolls was below Dow Jones’ forecast of 169,000, the unemployment rate went down to 4%. And although jobs numbers for the 12-month period ending March 2024 were revised sharply downward, the number of people reported as being at work soared.

Payroll figures for November and December were both revised upward, as well.

But the White House quickly framed the report as a dud borne of Biden’s policies.

“Today’s jobs report reveals the Biden economy was far worse than anyone thought, and underscores the necessity of President Trump’s pro-growth policies,” White House press secretary Karoline Leavitt said in a statement Friday.

National Economic Council Director Kevin Hassett added at the White House, “The truth is that we’re inheriting a very difficult jobs market because of Joe Biden’s terrible policies.”

Hassett emphasized that the new report made downward revisions to past months’ job figures, asserting that those revelations will influence the trajectory of economic indicators, including the inflation rate.